Premier Li: 2015 economic growth target at about 7 percent

China’s National People’s Congress opened its annual session in the morning of March 5 at the Great Hall of the People in Beijing.

Premier Li Keqiang delivered his annual government work report. The meeting was chaired by Zhang Dejiang, Chairman of the NPC Standing Committee and Executive Chair of the session’s presidium. Nearly 3000 NPC deputies from across the country were present, as were President Xi Jinping and other top Party and state leaders.

According to the government work report, China is targeting economic growth of approximately 7 percent in 2015, lower than the 7.5 percent in 2014. It’s the lowest ever for the country over the past 24 years. Premier Li said the target takes all major aspects into consideration.

“We have set the main targets for China’s economic and social development for this years as follows: increase the GDP by approximately 7 percent; keep the increase in the CPI at around 3 percent; create over ten million jobs in urban areas; ensure that the registered urban unemployment rate does not rise above 4.5 percent; increase imports and exports by around 6 percent; achieve a basic balance of payments; ensure that personal incomes increase in step with economic development, and cut energy intensity by 3.1 percent, and continue to reduce the emissions of major pollutants,” Premier Li said.

“The target growth rate of approximately 7 percent takes into consideration what is needed and what is possible. The target is both aligned with our goal of finishing building a moderately prosperous society in all aspects and is appropriate in terms of the need to grow and upgrade our economy. It is also in keeping with the objective laws of development as well as conditions of China,” Premier Li said.